During the past week, the Light crude oil has gained about 5.07% of its values against the US Dollar. The commodity breached a swing high of 54.33 during this time period.
The LIGHT.CMD/USD pair tested the lower boundary of an ascending channel pattern and the 50-hour simple moving average at 53.82 during the Asian session on Wednesday.
The crude oil prices could decline towards a support level formed by the monthly pivot point at 51.27 in the shorter term.
However, a support cluster formed by the 100-hour SMA and the 63.61 during this time period weekly S1 at 52.57 could hinder such movement.
